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  • Pte-pv Pass-through Entity Penalty Payment Voucher

Get Pte-pv Pass-through Entity Penalty Payment Voucher

State of New Mexico Taxation and Revenue Department PTEPV PassThrough Entity Penalty Payment Voucher Taxpayers may submit payment with the voucher below or pay the passthrough entity penalty for late.

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The State of New Mexico requires pass-through entities (which may be a state law partnership or a limited liability company taxed as a partnership) to withhold tax at 5.9% on earnings of non-resident partners or members if the owner's distributive share of net income is over $100 in a year.

The tax rate of the entity level tax is equal to the higher of the maximum individual income tax rate imposed pursuant to section 7-2-7 NMSA 1978 or the maximum corporate income tax rate imposed pursuant to section 7-2A-5 NMSA 1978 for the taxable year, both currently 5.9%.

The state imposes a governmental gross receipts tax of 5.00% on the receipts of New Mexico state and local governments. The exceptions are the gross receipts of public school districts and entities licensed by the Department of Health that are principally engaged in providing health care.

Overview of New Mexico Taxes New Mexico has some of the lowest property tax rates in the U.S. The state's average effective property tax rate is 0.73%. The median annual property tax paid by homeowners in New Mexico is $1,557, about $1,200 less than the national median.

Under legislation passed by the 2022 New Mexico Legislature and signed into law by Gov. Michelle Lujan Grisham, pass-through entities such as partnerships, S-Corporations and Limited Liability Companies now have the option of filing directly if they elect to do so.

The taxable net income of the PTE is taxed at the higher of the personal or corporate income tax rate. The highest rate for both personal and corporate income taxes is currently 5.9%.

New Mexico taxpayers could be taking home an additional $500 or $1,000 this year, pending a flick of Gov. Michelle Lujan Grisham's pen.

By default, New Mexico LLCs are taxed as pass-through entities. This means that the LLC doesn't pay taxes; instead, the profits from the LLC pass-through to the taxes of the LLC members.

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© Copyright 1997-2025
airSlate Legal Forms, Inc.
3720 Flowood Dr, Flowood, Mississippi 39232
Form Packages
Adoption
Bankruptcy
Contractors
Divorce
Home Sales
Employment
Identity Theft
Incorporation
Landlord Tenant
Living Trust
Name Change
Personal Planning
Small Business
Wills & Estates
Packages A-Z
Form Categories
Affidavits
Bankruptcy
Bill of Sale
Corporate - LLC
Divorce
Employment
Identity Theft
Internet Technology
Landlord Tenant
Living Wills
Name Change
Power of Attorney
Real Estate
Small Estates
Wills
All Forms
Forms A-Z
Form Library
Customer Service
Terms of Service
DMCA Policy
About Us
Blog
Affiliates
Contact Us
Privacy Notice
Delete My Account
Site Map
All Forms
Search all Forms
Industries
Forms in Spanish
Localized Forms
Legal Guides
Real Estate Handbook
All Guides
Prepared for You
Notarize
Incorporation services
Our Customers
For Consumers
For Small Business
For Attorneys
Our Sites
US Legal Forms
USLegal
FormsPass
pdfFiller
signNow
airSlate workflows
DocHub
Instapage
Social Media
Call us now toll free:
1-877-389-0141
As seen in:
  • USA Today logo picture
  • CBC News logo picture
  • LA Times logo picture
  • The Washington Post logo picture
  • AP logo picture
  • Forbes logo picture
© Copyright 1997-2025
airSlate Legal Forms, Inc.
3720 Flowood Dr, Flowood, Mississippi 39232